The Big Sandy news. [volume] (Louisa, Ky.) 1885-1929, 1887-06-30
SPECULATION DID IT.
A Sequel to the Great Chicago
Wheat Deal.

The Fidelity National Bank Closes Its
Doors, but the OfiicIais say the Bank VIII
Pay Dollar For Dollar-ylce- President
Harper Gives Up Every Thing to His
Creditors.
CINCINNATI. June si.-To-day the doors Of
the Fidelity National Bank are closed, When
. O'Clock arrived, the hour for opening the bank,
the doors were shut and adtnittance was denied
10 NIL. Soon lhrgc and angry crowd gathered
and there was much excitement. All kinds Of
rumors were abroad One, and II is knownto
be correct was to the effect that the U. S. Bank
Examiner had spent yesterday and a
large part OF last night In going
over the books, and that he
had announced that II would be well for Mr.. f.
l.. Harper the Vice President and virtual
manager OF the concern, TO resign Meanwhile
the crowd kept growing larger and one or two
men began 10 make threats, and talked about
smashing the windows. But soon detail OF
eight policemen arrived, and they kept the
crowd quiet, One obstrepcrous individual, who
claimed he would lose every thing should tho
Fidelity so under attempted 10 force the doors
OF the bank open. He hammered and hammer
ed on them and paid no attention to the COM
mands OF the police 10 stop. Finally they were
obliged TO tear him from the door and put him
on the outside OF the crowd where he quickly
subsidized.
Have you any thing TO say, Mr. Harperr
asked q newsmun nj ten o'clock rs he ap-
preached tho Vice President OF the Fidelity,
who was found seated listlessly behind his big
desk out OF sight OF those who were peering
through the bank windows. mot word"
Was the answer, and then turning his eyes full
on the interviewer. betraying considerable
moisture about their corners, he continued:
what can / sayt You see the bank Is
closed Is there much OF crowd out in ironts'
Yes, there are good many people there and
more coming" II think the excitement viii
be greater in other towns than II is here don't
your That will be n matter TO know OF
later But Mr.. Harper, what is there in this
| statement that you were asked TO re-
signr Il haven't u word TO say
The newsman then went To- Mr.. Hopkins, the
assistant cashier, and asked the question Mr..
Harper had Just refused TO answer.
mot a word OF truth IN it, what about tho
| depositors Mr.. Hoplxiisyn Glad you men
I toned that Say TO them that they will get ey-
| cry dollar, II not to-day or 20 morrow the next
day. Make it conspicuous that they will set
| every dollar"
| Mr., Rowland Ellis, the old Bank Examiner
for Ohio, said: At looks very NAd. hear tho
| Government agent has dischlrged ssTs, Har-
| per, Baldwin and Hopkins from then positions
| OF trust" How could n Govern
| ment agent discharge themry 1arwhy
Il
the supposition is inevitable from to-day dl-
velopments that they have been using the Gov
| ernments funds. The Government has prc1u-
dice against wheat deals and will be likely
10 be very severe with these men II they arc
| found TO have been in that deal II they have
they have committed peniteniiary ofense and
are now, depend upon II, under Governmental
| surveillance"
Mr.. J. r. DeCamp, OF the Metropolitan, has
| been appointed receiver.
Al noon to-day came the news OF the as
signment OF the enormous iron business Of
L. l.. Harper & Co. 10 Eugene Zimmerman
Z. L. Harper & Co. controlled perhaps the
| greatest iron interests west OF the Alleghe
mics. This includes the Riverside Rolling
Mill, at Cullom Station, Riverside, aud the ex
tensive works In Newport, Ky. employing
thousands OF men. Mr.. Harper also makes al
individual assignment of his entire property
giving up every thing. He is ruined man
Every thing he possesses has been turned oyei
TO his creditors.
Mr.. Harper has transferred twenty-five lot,
20 the Fidelity Bank, and a half interest I'm two
others However, he can not pay what he owei
| the bank in this way. According TO all accounts
| that Is hopeless debt.
| Joseph w Wiltshire transferred 10 4. l.. Har
per n great deal OF real estate situated In differ
ent parts OF the city on prominent streets.
This no DOUBT was done TO secur' the banl
/ IToID any On hnt part VI Nlt kiahNpt "
pay o., 0O0Oo0, which no, Wiltshire, is alleged q
have borrowed without the Directors consen
and conveyed TO Chicago.
Joseph Wiltshire, It is said has also gone up
He has transferred his property 10 Mr.. Harper
| who In turn transfers everything 70 his creditors
What caused the trouble! is the universa
question. II takes only one word in answer
speculation In spite OF all denials in spite OF tn
solemn assertions OF Mr.. Harper TO the contrar
/ hal TT
great Chicago wheat deal
There is one claim against the Fidelity by
the American Exchange Bank OF over eIS0,
0O0, and Messrs. Swift and Lyman, twi
| prominent Chicago attorneys, have been her,
for some days vainly trying TO straightei
| out matters, and in connection wit
| this claim IL is found that there was som
system OF bookkeeping by which the whoa
deal operations were concealed. It is sail
| that Mr.. Hopkins signed Mr. Hsrpers nam
TO the warehouse receipts, and that these re
ceipts were not entered on the regular book
as collaterals, but put together under som
other head which did not diyulge their tru
character. Thus the directors OF the BAN
| were kept in ignorance OF what was going on
meeting OF the Directors was held Ut %
o'clock this morning. The Bank Examiner wa
| present and he expounded the law to the ID
| rectors, and insisted that the bank should b
| closed until q complete examination Of It's con
| dition should be made, and so when the hou
| came for opening the doors they were no
opened.
II was supposed by many yesterday after
| noon that the bank would have to close. an
most OF the other city banks kept open until
| O'Clock for the transaction OF regular business
so as to give their depositors chance 70 &c
| rid OF their checks on the Fidelity.
Notwithstanding the general knowledge tina
the Fidelity was In trouble, the Franklin allow
ed balance OF over sis,0OO against the Fidelit!
to remain until to-day, whereas they could hay
had It put through the Clearing House yester
day afternoon.
one Of the direct causes OF the straits the Fl
deity got into was the Withdrawing OF a loan Q
$4,000 which the Queen City had made for tn
purpose OF helping it along The Queen Cit
has been friendly 10 the Fidelity and has a
when rumors OF the condition OF IN
Fidelity became serious II cor
Guided 10 act on the principle OF self-preservi
| ton, and demanded the return Of Its loan.
| run was made on the bank, too, yesterday nftc
noon 1t did not assume great proportions, bu
1t was sufficient, with the withdrawal OF favor
| such as the above mentioned, TO render tn
| Fidelity unable TO meet a serious run such q
| would unquestionaby have taken place to-day
The liabilities OF the bank are 6,5OO,OOO an
assets about sl,SOO,0OO, with but ROO coo cash
hand.
BY order OF the Comptroller OF the Currenc
| bank officials Harper. Baldwin and Hopkin
were arrested this evening. They waived e1
| q linntion and were bound over 10 the Unite
Statos Grand Jury by Commissioner Hooper
"A Newton Oa.) man was picking